LivingTrust Mortgage Bank Partners Development Bank to Develop MSMEs … Set to Disburse N1Bn to Beneficiaries

Ololade Adeyanju/

Frontline mortgage lender, LivingTrust Mortgage Bank Plc, has received a first tranche of N1 billion from the Development Bank of Nigeria (DBN) for on-lending to Micro, Small and Medium Enterprises, (MSMEs) and Small Corporates across the country.

In a statement by the Managing Director, Mr Adekunle Adewole, the development was further to the appointment of LivingTrust as a partner bank for the development of the MSME sector by DBN in November, last year.

This development places LivingTrust, a subsidiary of Cititrust Holdings Plc, among the few banks considered by DBN as possessing the requisite financial strength and governance structure to manage the MSMEs funds.

Adewole further stated that the partnership would further enable the bank to provide funding solutions in nurturing its growing MSME customer base.

According to the statement, the first draw down of N1 billion was accessed by LivingTrust Mortgage Bank earlier this month.

The bank added that the partnership had the approval of the Central Bank of Nigeria (CBN) and other regulatory authorities

LivingTrust Mortgage Bank was appointed as a participating financial institution by DBN in a letter dated November 16, 2020.

The letter jointly signed by DBN’s Managing Director, Mr. Tony Okpanachi and Chief Operating Officer, Mr. Bonaventure Okhaimo, described LivingTrust Mortgage Bank as one of the few banks that scaled the qualification criteria, based on a strong balance sheet, board/management profile and sound corporate governance practices.

LivingTrust Mortgage Bank provides mortgage products which include national housing fund, mortgage loans, commercial mortgages, property acquisition loans and other financial services, and caters to customers in Nigeria and Nigerians in the diaspora.

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